Hey LOs,
As you may have noticed, another consumer-direct lender shed some of its loan officers last week.
Here's how it unfolded. On Thursday, HousingWire got word that the consumer direct-lender Wyndham Capital Mortgage handed out pink slips to loan officers the previous day.
The story came into focus when I noticed, according to the fintech-focused mortgage lender's Nationwide Multistate Licensing System (NMLS) page, that the number of loan officers sponsored by the company had dipped by nearly three dozen overnight. (Currently, the lender sponsors 283 LOs.)
Wyndham later confirmed the layoffs, noting that almost three dozen LOs were laid off from their offices in Dallas, Charlotte, Salt Lake City, Kansas City, and Phoenix.
The company said that a full throttle effort to expand into retail lending is already underway.
"We are well-positioned and continue making investments to compete in a purchase market and are poised to gain market share to meet the needs of today's borrowers," said Jeff Douglas, CEO of Wyndham Capital Mortgage.
Wyndham announced the retail push last year.
With rates rising and margins compressing, it's a natural shift. Consumer-direct models are expected to falter as fewer consumers are looking to refinance.
Wyndham's layoffs were modest, compared to the recent waves of layoffs at Better.com and Interfirst Mortgage. But many expect there to be more layoffs in the mortgage industry.
LOs, if you work for a consumer direct lender, are you hearing rumors about layoffs? If you were to start looking for other options, how would you plan to transition your loan pipeline?
Give me a shout anonymously at mvolkova@housingwire.com
Maria Volkova
Mortgage Reporter at HousingWire
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